The Western Pipe Company has the following capital section in its balance sheet. Its stock is currently selling for $6 per share.

Common stock (50,000 shares at $2 par) $100,000

Capital in excess of par $100,000

Retained earnings $250,000

Net worth $450,000

The firm intends to first declare a 15 percent stock dividend and then pay a 25-cent cash dividend (which also causes a reduction of retained earnings). Show the capital section of the balance sheet after the first transaction and then after the second transaction.